Troilus Gold brings potential funding from ECAs to $1.3 billion
The company has signed an additional LOI with Export Development Canada worth $300 million.
Earlier this year, Anglo announced a $3.5bn write-down related to the value of its flagship Minas-Rio iron ore project in Brazil. (Image courtesy of Anglo American)
Global miner Anglo American (LON:AAL) will likely announce next week that it’s cutting its annual dividend since a worsening commodities rout has left management little choice but to focus on balance-sheet preservation in order to navigate the China-led downturn.
The cut, reports Bloomberg, could be unveiled as soon as Tuesday, during a scheduled “investor day” in London. The unnamed sources also said the company was planning to move its dividend to a ratio-based payout, which allows companies to adjust payments as profits climb or drop.
Anglo, which employs over 150,000 staff globally, is undergoing a major restructuring aimed to improve its balance sheet. The plan has included cutting jobs and putting assets up for sale, from copper mines in Chile to Australian coal assets and its platinum business in South Africa.
The company’s chief executive, Mark Cutifani, said earlier this year that he was ready to push the button on selling more assets — potentially cutting into parts of its business that Anglo might otherwise prefer to retain — to keep to a target of $3 billion in proceeds from disposals.
Despite the measures, Anglo has become the second-worst performer in the FTSE 100 after Glencore this year, having lost almost 69% of its value since January.
